Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds then on deposit in Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided, (I) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing), the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period to the following Persons, in the following order of priority, in accordance with the Monthly Statement: (i) to the Indenture Trustee, the Indenture Trustee Fees then due, together with any Indenture Trustee Fees from prior Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture Trustee; (ii) to the Back-up Servicer, the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up Servicer; (iii) to the Servicer, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any unreimbursed Servicer Advances (other than Servicer Advances for the related Collection Period); (iv) to the Swap Counterparty, the Issuers Swap Payment; (v) to the Class A Noteholders, the Note Interest due on the Class A Notes; (vi) to the Class B Noteholders, the Note Interest due on the Class B Notes; (vii) to the Class C Noteholders, the Note Interest due on the Class C Notes; (viii) to the Class D Noteholders, the Note Interest due on the Class D Notes; (ix) to the Class E Noteholders, the Note Interest due on the Class E Notes;
Appears in 1 contract
Samples: Indenture (HPSC Inc)
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds the entire amount of money then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, pay interest on each Class of Notes from the sources of funding set forth herein, in each case in an amount with respect to each Class equal to the product of (i) one-twelfth, (ii) the related Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to the Indenture TrusteeTo SierxxXxxxxx.xxx xx wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Initial Unpaid Amounts and Servicing Charges inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period); and
(B) An amount equal to the Servicer Fee owing on such Payment Date, plus any unpaid Servicer Fee owing from prior Collection Periods;
(iv) From the Available Funds then remaining in the Collection Account, to the Swap CounterpartyIndenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Issuers Swap PaymentIndenture Trustee Fees owing on such Payment Date, plus any unpaid Indenture Trustee Fees from prior Collection Periods, subject to the limitation set forth in Section 7.07 (a)(i) hereof;
(v) From the Available Funds then remaining in the Collection Account, to the Class A NoteholdersIndenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Note Interest reimbursable expenses due on and unpaid to the Class A NotesIndenture Trustee in accordance with and subject to Section 7.07(a)(ii) hereof;
(vi) From the Available Funds then remaining in the Collection Account and from amounts, if any, transferred, from the Supplemental Interest Reserve Account with respect to such Payment Date, to the Class A-1 Noteholders, the Class A-1 Note Interest for the related Collection Period and to the Class A-2 Noteholders, the Class A-2 Note Interest for the related Collection Period, pari passu;
(vii) From the Available Funds then remaining in the Collection Account and from amounts, if any, transferred, from the Supplemental Interest Reserve Account with respect to such Payment Date to the Class B Noteholders an amount equal to the Class B Note Interest for the related Collection Period;
(viii) From the Available Funds then remaining in the Collection Account and on any Class A Maturity Date from amounts, transferred, from the Supplemental Interest Reserve Account with respect to such Payment Date, first until the Class A-1 Note Principal Balance has been reduced to zero, to the Class A-1 Noteholders, the Class A Principal Payment Amount for such Payment Date and second, after the Class A-1 Note Principal Balance has been reduced to zero, to the Class A-2 Noteholders, the Class A Principal Payment Amount until the Class A-2 Note Principal Balance has been reduced to zero;
(ix) From the Available Funds then remaining in the Collection Account and on the Class B Maturity Date from amounts, transferred, from the Supplemental Interest Reserve Account with respect to such Payment Date, until the Class B Note Principal Balance has been reduced to zero, to the Class B Noteholders, the Note Class B Principal Payment Amount for such Payment Date;
(x) From the Available Funds remaining in the Collection Account, to the Supplemental Interest Reserve Account, the amount necessary to maintain the amount on deposit therein at the Supplemental Interest Required Amount for such Payment Date;
(xi) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee, the Indenture Trustee Expenses then due together with any Indenture Trustee Expenses from prior Collection Periods, in excess of the $75,000 limitation set forth in Section 7.07(a)(ii) hereof, and
(xii) From the Available Funds then remaining in the Collection Account, to the Trust Certificate Holder, any remaining amounts.
(c) All payments to Noteholders shall be made on each Payment Date to each Noteholder of record on the related Record Date by check, or, if requested by such Noteholder, by wire transfer to the account designated in writing in the form of Exhibit B hereto (or such other account as the Noteholder may designate in writing) delivered to the Indenture Trustee on or prior to the related Determination Date, in immediately available funds, in amounts equal to such Noteholder's pro rata share (based on the aggregate Class A Percentage Interest in the case of the Class A Noteholders and the Class B Notes;
(vii) to Percentage Interest in the case of the Class C B Noteholders, the Note Interest due on the Class C Notes;
(viii) to the Class D Noteholders, the Note Interest due on the Class D Notes;
(ix) to the Class E Noteholders, the Note Interest due on the Class E Notes;of such payment.
Appears in 1 contract
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds the entire amount of money then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, pursuant to Section 6.06(b) or (c) hereof, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Trustee shall make the following payments in the following amounts (i) the Class A Certificate Interest due on such Payment Date pursuant to Section 6.06(b)(viii) in an amount equal to the product of (a) one-twelfth of the Class A Certificate Rate and (b) the Class A Certificate Principal Balance reflected on the Monthly Statement most recently delivered by the Servicer (net of any payments in respect thereof on the immediately preceding Payment Date), (ii) the Class B-1 Certificate Interest due on such Payment Date pursuant to Section 6.06(b)(ix) hereof in an amount equal to the product of (A) one-twelfth of the Class B-1 Certificate Rate and (B) the Class B-1 Certificate Principal Balance reflected on the Monthly Statement most recently delivered by the Servicer (net of any payments in respect thereof on the immediately preceding Payment Date), and (iii) the Class B-2 Certificate Interest due on such Payment Date pursuant to Section 6.06(b)(x) hereof in an amount equal to the product of (A) one-twelfth of the Class B-2 Certificate Rate and (B) the Class B-2 Certificate Principal Balance reflected on the Monthly Statement most recently delivered by the Servicer (net of any payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of prior to the Indenture Trustee has actual knowledge, has occurred and is continuing)Initial Amortization Date, the Indenture Trustee shall pay from Available Funds then disburse amounts on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the immediately preceding Collection Period in the following order of priority, without duplication (to the extent funds are available therefor), all in accordance with the applicable Monthly Statement:
(i) To First Sierra by wire transfer of immediately available funds, the aggregate amount of any Initial Unpaid Amounts inadvertently deposited in the Collection Account;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any other payments not included in the Trust Assets paid pursuant to any Lease, to the extent that such amounts are inadvertently deposited in the Collection Account;
(iii) From the Available Funds then remaining in the Collection Account, to the Servicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the current Collection Period); and
(B) An amount equal to the Servicing Fee owing on such Payment Date, plus any unpaid Servicing Fee owing from prior Collection Periods; and
(C) Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) From the Available Funds then remaining in the Collection Account, to the Back-up Servicer by wire transfer to the account designated in writing by the Back-up Servicer of immediately available funds, an amount equal to the Back-up Servicing Fee owing on such Payment Date, plus any unpaid Back-up Servicing Fees from prior Collection Periods;
(v) From the Available Funds then remaining in the Collection Account, to the Certificate Insurer by wire transfer to the account designated in writing by the Certificate Insurer, an amount equal to the Premium Amount owing on such Payment Date, plus any unpaid Premium Amounts from prior Collection Periods;
(vi) From the Available Funds then remaining in the Collection Account, to the Trustee by wire transfer to the account designated in writing by the Trustee, an amount equal to the Trustee Fees owing on such Payment Date, plus any unpaid Trustee Fees from prior Collection Periods;
(vii) From the Available Funds then remaining in the Collection Account, to the Trustee by wire transfer to the account designated in writing by the Trustee, an amount equal to the reimbursable expenses due and unpaid to the Trustee in accordance with Section 12.07(a)(ii);
(viii) From the Available Funds then remaining in the Collection Account, to the Class A Certificateholders, the Class A Certificate Interest and Class A Overdue Interest for the related Collection Period;
(ix) From the Available Funds then remaining in the Collection Account, to the Class B-1 Certificateholders, first in respect of the Class B-1 Overdue Interest for the related Collection Period and then in respect of the Class B-1 Certificate Interest for the related Collection Period;
(x) From the Available Funds then remaining in the Collection Account, to the Class B-2 Certificateholders first in respect of the Class B-2 Overdue Interest for the related Collection Period and then in respect of the Class B-2 Certificate Interest for the related Collection Period;
(xi) From the Available Funds then remaining in the Collection Account, to the Certificate Insurer by wire transfer to the account designated in writing by the Certificate Insurer, an amount equal to the Reimbursement Amount, if any, owing on such Payment Date;
(xii) From the Available Funds them remaining in the Collection Account, to the Trustee by wire transfer to the account designated in writing by the Trustee, an amount equal to the reimbursable expenses due and unpaid to the Trustee in accordance with Section 12.07(a)(iii);
(xiii) From the Available Funds then remaining in the Collection Account, to the Servicer by wire transfer of immediately available funds to the account designated in writing by the Servicer, any other amounts due the Servicer as expressly provided in this Agreement, under Section 9.03 or otherwise;
(xiv) From the Available Funds and Residual Receipts then remaining in the Collection Account,
(A) first, to the Depositor an amount equal to the lesser of (i) the Base Principal Amount and (ii) an amount equal to the Aggregate Discounted Contract Principal Balances of the new Leases available to be transferred to the Trust, and (B) second, the remainder of the Base Principal Amount, if any, to the New Transferred Property Funding Account; and
(xv) To the Holder of the Trust Certificate, any remaining amounts.
(c) On and after the Payment Date which is also the Initial Amortization Date, the Trustee shall pay such money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to the Indenture TrusteeTo First Sierra by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Initial Unpaid Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Lease, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period);
(B) An amount equal to the Servicing Fee owing on such Payment Date, plus any unpaid Servicing Fee owing from prior Collection Periods; and
(C) Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) From the Available Funds then remaining in the Collection Account to the Swap CounterpartyBack-up Servicer by wire transfer to the account designated in writing by the Back-up Servicer of immediately available funds, an amount equal to the Issuers Swap PaymentBack-up Servicing Fee owing on such Payment Date, plus any unpaid Back-up Servicing Fees from prior Collection Periods;
(v) From the Available Funds then remaining in the Collection Account to the Class A NoteholdersCertificate Insurer by wire transfer to the account designated in writing by the Certificate Insurer, an amount equal to the Note Interest due Premium Amount owing on the Class A Notessuch Payment Date, plus any unpaid Premium Amounts from prior Collection Periods;
(vi) From the Available Funds then remaining in the Collection Account to the Class B NoteholdersTrustee by wire transfer to the account designated in writing by the Trustee, an amount equal to the Note Interest due Trustee Fees owing on the Class B Notessuch Payment Date, plus any unpaid Trustee Fees from prior Collection Periods;
(vii) From the Available Funds then remaining in the Collection Account, to the Class C NoteholdersTrustee by wire transfer to the account designated in writing by the Trustee, an amount equal to the Note Interest reimbursable expenses due on and unpaid to the Class C NotesTrustee in accordance with Section 12.07(a)(ii);
(viii) From the Available Funds then remaining in the Collection Account, to the Class D NoteholdersA Certificateholders, the Note Class A Certificate Interest due on and Class A Overdue Interest for the Class D Notesrelated Collection Period;
(ix) To the extent that such disbursement shall not result in an Available Funds Shortfall, from Available Funds then remaining in the Collection Account to the Class E NoteholdersB-1 Certificateholders an amount equal to the Class B-1 Overdue Interest and the Class B-1 Certificate Interest for the related Collection Period;
(x) To the extent that such disbursement shall not result in an Available Funds Shortfall, from Available Funds then remaining in the Collection Amount to the Class B-2 Certificateholders an amount equal to the Class B-2 Overdue Interest and the Class B-2 Certificate Interest for the related Collection Period;
(xi) Until the Class A Certificate Principal Balance has been reduced to zero, to the Class A Certificateholders from the Available Funds then remaining in the Collection Account, the Note Interest due on sum of (a) the Class E NotesA Base Principal Distribution Amount for such Payment Date, and (b) any Class A Overdue Principal;
(xii) From the Available Funds then remaining in the Collection Account, to the Certificate Insurer by wire transfer to the account designated in writing by the Certificate Insurer, the Reimbursement Amount, if any, owing on such Payment Date;
(xiii) Until the Class B-1 Certificate Principal Balance has been reduced to zero, to the Class B-1 Certificateholders from the Available Funds then remaining in the Collection Account, the sum of (a) the Class B-1 Base Principal Distribution Amount for such Payment Date, and (b) any Class B-1 Overdue Principal; provided, however, that if a Restricting Event exists on such Payment Date and the Outstanding Class A Principal Balance on such Payment Date (after giving effect to the payments to the Class A Certificateholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B-1 Certificateholders under this clause (xiii), the Class B-2 Certificateholders under clause (xiv) and the Holder of the Trust Certificate under clause (xviii) shall be paid to the Class A Certificateholders as an additional reduction of the Outstanding Class A Principal Balance up to the amount necessary to reduce the Outstanding Class A Principal Balance to zero;
(xiv) Until the Class B-2 Certificate Principal Balance has been reduced to zero, to the Class B-2 Certificateholders from the Available Funds then remaining in the Collection Account, the sum of (a) the Class B-2 Base Principal Distribution Amount for such Payment Date, and (b) any Class B-2 Overdue Principal; provided, however, that if a Restricting Event exists on such Payment Date and the Outstanding Class A Certificate Principal Balance on such Payment Date (after giving effect to the payments to the Class A Certificateholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B-2 Certificateholders under this clause (xiv) shall be paid to the Class A Certificateholders during such time as a Restricting Event is continuing as an additional reduction of the Outstanding Class A Principal Balance up to the amount necessary to reduce such balance to zero; provided, further that if an Issuer Restricting Event exists on such Payment Date and the Outstanding Class B-1 Certificate Principal Balance on such Payment Date (after giving effect to the payments to the Class B-1 Certificateholders made on such Payment Date) is greater than zero, then so long as a Restricting Event is not continuing, to the Class B-1 Certificateholders during such time as an Issuer Restricting Event is continuing as an additional reduction of the Outstanding Class B-1 Principal Balance up to the amount necessary to reduce the Outstanding Class B-1 Principal Balance to zero;
(xv) From the Available Funds them remaining in the Collection Account, to the Trustee by wire transfer to the account designated in writing by the Trustee, an
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Sierra Receivables Ii Inc)
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds the entire amount of money then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, pay interest on each Class of Notes from the sources of funding set forth herein, in each case in an amount with respect to each Class equal to the product of (i) one-twelfth, (ii) the related Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to the Indenture TrusteeTo First Sierra by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Initial Unpaid Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period);
(B) An amount equal to the Servicer Fee owing on such Payment Date, plus any unpaid Servicer Fee owing from prior Collection Periods; and
(C) Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) From the Available Funds then remaining in the Collection Account, to the Swap CounterpartyIndenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Issuers Swap PaymentIndenture Trustee Fees owing on such Payment Date, plus any unpaid Indenture Trustee Fees from prior Collection Periods, subject to the limitation set forth in Section 7.07 (a)(i) hereof;
(v) From the Available Funds then remaining in the Collection Account, to the Class A NoteholdersIndenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Note Interest reimbursable expenses due on and unpaid to the Class A NotesIndenture Trustee in accordance with and subject to Section 7.07(a)(ii) hereof;
(vi) From the Available Funds then remaining in the Collection Account and from amounts, if any, transferred from the Reserve Account, to the Class B A-1 Noteholders, the Class A-1 Note Interest due on for the related Collection Period, to the Class B NotesA-2 Noteholders, the Class A-2 Note Interest for the related Collection Period, to the Class A-3 Noteholders, the Class A-3 Note Interest for the related Collection Period, and to the Class A-4 Noteholders, the Class A-4 Note Interest for the related Collection Period pari passu;
(vii) From the Available Funds then remaining in the Collection Account and from amounts, if any, transferred from the Reserve Account, to the Class C Noteholders, B Noteholders an amount equal to the Class B Note Interest due on for the Class C Notesrelated Collection Period;
(viii) From the Available Funds then remaining in the Collection Account and from amounts, if any, transferred from the Reserve Account, to the Class D Noteholders, the Note Interest due on the Class D Notes;
(ix) to the Class E Noteholders, the Note Interest due on the Class E Notes;C
Appears in 1 contract
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from the Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related immediately preceding Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, pay interest on the Notes from the sources of funding set forth herein, in each case in an amount equal to the product of (i) one-twelfth, (ii) the Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to To the Indenture Trusteerelated Originator by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Excluded Amounts or Initial Unpaid Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then dueaggregate amount of the following, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any in the following priority: An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period); An amount equal to the Servicer Fee owing on such Payment Date, plus any unpaid Servicer Fee owing from prior Collection Periods; and Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) From the Available Funds then remaining in the Collection Account, to the Swap CounterpartyBack-up Servicer by wire transfer to the account designated in writing by the Back-up Servicer of immediately available funds, an amount equal to the Issuers Swap PaymentBack-up Servicer Fee owing on such Payment Date, plus any unpaid Back-up Servicer Fees from prior Collection Periods;
(v) From the Available Funds then remaining in the Collection Account, to the Note Insurer by wire transfer to the account designated in writing by the Note Insurer, an amount equal to the Premium Amount owing on such Payment Date, plus any unpaid Premium Amounts from prior Collection Periods;
(vi) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Indenture Trustee Fees owing on such Payment Date, plus any unpaid Indenture Trustee Fees from prior Collection Periods;
(vii) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the reimbursable expenses due and unpaid to the Indenture Trustee in accordance with Section 7.07(a)(ii) hereof, up to the $30,000 limitation set forth in Section 7.07(a)(ii);
(viii) From (x) the Available Funds then remaining in the Collection Account plus (y) the proceeds of any applicable Insured Payment, to the Class A Noteholders, the Class A Note Interest due on for the related Collection Period;
(ix) From the Available Funds then remaining in the Collection Account, to the extent that such disbursement shall not result in an Available Funds Shortfall or any unpaid Reimbursement Amount, from Available Funds then remaining in the Collection Account to the Class B Noteholders an amount equal to the Class B Note Priority Interest for the related Collection Period;
(x) From (x) the Available Funds then remaining in the Collection Account plus (y) the proceeds of any applicable Insured Payment, until the Class A NotesNote Principal Balance has been reduced to zero, to the Class A Noteholders from the Available Funds then remaining in the Collection Account, the sum of (a) the Class A Base Principal Distribution Amount for such Payment Date and (b) any Class A Overdue Principal;
(vixi) From the Available Funds then remaining in the Collection Account, to the Note Insurer by wire transfer to the account designated in writing by the Note Insurer, the Reimbursement Amount, if any, owing on such Payment Date;
(xii) From Available Funds then remaining in the Collection Account, to the Class B Noteholders an amount equal to the Class B Note Junior Interest for the related Collection Period;
(xiii) From the Available Funds then remaining in the Collection Account, until the Class B Note Principal Balance has been reduced to zero, to the Class B Noteholders, from the Note Interest due on Available Funds then remaining in the Collection Account, the sum of (a) the Class B NotesBase Principal Distribution Amount for such Payment Date and (b) any Class B Overdue Principal, allocated, first, to the Class B Collateralized Note Balance, and, second, to the Class B Uncollateralized Note Balance; provided, however, that if a Restricting Event exists on such Payment Date and the Class A Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class A Noteholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B Noteholders under this clause (xiii), shall instead be paid to the Class A Noteholders pursuant to this clause (xiii) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce the Class A Note Principal Balance to zero;
(viixiv) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee, the Indenture Trustee Expenses then due, together with any Indenture Trustee Expenses from prior Collection Periods, in excess of the $30,000 limitation set forth in Section 7.07(a)(ii) hereof, and up to the aggregate $45,000 limitation set forth in Section 7.07(a)(iii);
(xv) From the Available Funds then remaining in the Collection Account, to the Servicer by wire transfer of immediately available funds to the account designated in writing by the Servicer, any other amounts due the Servicer as expressly provided in the Servicing Agreement; and
(xvi) From the Available Funds then remaining in the Collection Account, to the Residual Holders, as sponsors of the Trust, any remaining Available Funds; provided, however, that
(I) if a Restricting Event does not exist on such Payment Date, but if any payment of funds to the Residual Holders on such Payment Date would result in the Residual Balance being less than 3% of the Initial Aggregate Collateral Balance such entire remaining amount of Available Funds then remaining, regardless of any allocation to principal or interest in respect of the Residual Balance, shall not be paid to the Residual Holders but shall instead be paid (x) if the Class A Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class C NoteholdersA Noteholders made on such Payment Date pursuant to clauses (x) and (xiii)) exceeds zero, the Note Interest due on the Class C Notes;
(viii) to the Class D Noteholders, the Note Interest due on A Noteholders pursuant to this clause (xvi) as an additional reduction of the Class D Notes;
A Note Principal Balance up to the amount necessary to reduce such balance to zero; and (ixy) if the Class A Note Principal Balance is zero, but the Class B Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class E NoteholdersB Noteholders made on such Payment Date pursuant to clause (xiii)) exceeds zero, the amount otherwise required to be paid to the Residual Holders under this clause (xvi) shall instead be paid to the Class B Noteholders pursuant to this clause (xvi) as an additional reduction of the Class B Note Interest due Principal Balance up to the amount necessary to reduce such balance to zero; and
(II) if a Restricting Event exists on such Payment Date, the amount otherwise required to be paid to the Residual Holders under this clause (xvi) shall instead be paid (x) if the Class A Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class A Noteholders made on such Payment Date pursuant to clauses (x) and (xiii)) exceeds zero, to the Class A Noteholders pursuant to this clause (xvi) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce such balance to zero; (y) if the Class A Note Principal Balance is zero, but the Class B Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class B Noteholders made on such Payment Date pursuant to clause (xiii)) exceeds zero, the amount otherwise required to be paid to the Residual Holders under this clause (xvi) shal instead be paid to the Class B Noteholders pursuant to this clause (xvi) during such time as a Restricting Event is continuing as an additional reduction of the Class B Note Principal Balance up to the amount necessary to reduce such balance to zero; and (z) if the Class A Note Principal Balance and the Class B Note Principal Balance are each zero, such amount shall be paid to the Residual Holders pursuant to this clause (xvi).
(c) All payments to Noteholders shall be made on each Payment Date to each Noteholder of record on the related Record Date by check, or, if requested by a Noteholder holding $5,000,000 or more of any Class E of Notes;, by wire transfer to the account designated in writing in the form of Exhibit B hereto (or such other account as such Noteholder may designate in writing) delivered to the Indenture Trustee on or prior to the related Determination Date, in immediately available funds, in amounts equal to such Noteholder's pro rata share (based on the aggregate Class A Percentage Interest in the case of the Class A Noteholders and the aggregate Class B Percentage Interest in the case of the Class B Noteholders) of such payment.
Appears in 1 contract
Samples: Indenture (American Business Financial Services Inc /De/)
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds the entire amount of money then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, pay interest on each Class of Notes from the sources of funding set forth herein, in each case in an amount with respect to each Class equal to the product of (i) one-twelfth, (ii) the related Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to the Indenture TrusteeTo First Sierra by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Initial Unpaid Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up Servicer;
Account; (iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period);
(ivB) An amount equal to the Swap CounterpartyServicer Fee owing on such Payment Date, the Issuers Swap Payment;plus any unpaid Servicer Fee owing from prior Collection Periods; and
(vC) to Any Servicing Charges inadvertently deposited in the Class A Noteholders, the Note Interest due on the Class A NotesCollection Account;
(vi) to the Class B Noteholders, the Note Interest due on the Class B Notes;
(vii) to the Class C Noteholders, the Note Interest due on the Class C Notes;
(viii) to the Class D Noteholders, the Note Interest due on the Class D Notes;
(ix) to the Class E Noteholders, the Note Interest due on the Class E Notes;
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds then on deposit in Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,PROVIDED, HOWEVER, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, in accordance with the priorities set forth in Section 3.04(b), pay interest on each Class of Notes from the sources of funding set forth herein, in each case in an amount with respect to each Class equal to the product of (i) one-twelfth (or, with respect to the initial Payment Date, as specified in the definition of "Interest Accrual Period"), (ii) the related Note Rate and (iii) the related Outstanding Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date). After the declaration of an Event of Default hereunder, the Indenture Trustee shall distribute Available Funds in accordance with Section 8.07 hereof.
(b) (I) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing), the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period to the following Persons, in the following order of priority, in accordance with the Monthly Statement:
(i) to the Indenture Trustee, the Indenture Trustee Fees then due, together with any Indenture Trustee Fees from prior Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture Trustee;
(ii) to the Back-up Servicer, the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any all other amounts due and owing to the Back-up Servicer;
(iii) to the Servicer, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any unreimbursed Servicer Advances Advances, in accordance with Section 4.03 of the Servicing Agreement (other than Servicer Advances for the related Collection Period);
(iv) to the Swap Counterparty, the Issuers Swap Payment;
(v) to the Class A Noteholders, the Note their Interest due on the Class A NotesAmount;
(vi) to the Class B Noteholders, the Note their Interest due on the Class B NotesAmount;
(vii) to the Class C Noteholders, the Note their Interest due on the Class C NotesAmount;
(viii) to the Class D Noteholders, the Note their Interest due on the Class D NotesAmount;
(ix) to the Class E Noteholders, their Interest Amount;
(x) to the Note Class F Noteholders, their Interest due on Amount;
(xi) to the Class A Noteholders, their Principal Amount;
(xii) to the Class B Noteholders, their Principal Amount;
(xiii) to the Class C Noteholders, their Principal Amount;
(xiv) to the Class D Noteholders, their Principal Amount;
(xv) to the Class E NotesNoteholders, their Principal Amount;
(xvi) to the Class F Noteholders, their Principal Amount;
(xvii) to the Class A Noteholders, the Additional Principal Amount, if any, as an additional reduction of principal until the Outstanding Note Principal Balance on all of the Class A Notes has been reduced to zero; then to the Class B Noteholders, the Additional Principal Amount, if any, as an additional reduction of principal, until the Outstanding Note Principal Balance of the Class B Notes has been reduced to zero; then to the Class C Noteholders, the Additional Principal Amount, if any, as an additional reduction of principal, until the Outstanding Note Principal Balance of the Class C Notes has been reduced to zero; then to the Class D Noteholders, the Additional Principal Amount, if any, as an additional reduction of principal, until the Outstanding Note Principal Balance of the Class D Notes has been reduced to zero; then to the Class E Noteholders, the Additional Principal Amount, if any, as an additional reduction of principal, until the Outstanding Note Principal Balance of the Class E Notes has been reduced to zero; and then to the Class F Noteholders, the Additional Principal Amount, if any, as an additional reduction of principal, until the Outstanding Note Principal Balance of the Class F Notes has been reduced to zero;
(xviii) to the Reserve Account, the amount necessary to maintain the amount on deposit therein (after giving effect to all withdrawals from the Reserve Account on such date) at the Reserve Account Requisite Amount for such Payment Date; and
(xix) to the Indenture Trustee, to the extent not paid pursuant to clause (i) above, any other amounts due and owing to the Indenture Trustee;
(xx) to the Back-up Servicer, to the extent not paid pursuant to clause (ii) above, any other amounts due and owing to the Back-up Servicer;
(xxi) to the Servicer, to the extent not paid pursuant to clause (iii) above, any other amounts due and owing to the Servicer;
Appears in 1 contract
Samples: Indenture (HPSC Inc)
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from Available Funds the entire amount of money then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, pay interest on each Class of Notes from the sources of funding set forth herein, in each case in an amount with respect to each Class equal to the product of (i) one-twelfth, (ii) the related Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to the Indenture TrusteeTo First Sierra by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Initial Unpaid Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period);
(B) An amount equal to the Servicer Fee owing on such Payment Date, plus any unpaid Servicer Fee owing from prior Collection Periods; and
(C) Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) From the Available Funds then remaining in the Collection Account, to the Swap CounterpartyNote Insurer by wire transfer to the account designated in writing by the Note Insurer, an amount equal to the Issuers Swap PaymentPremium Amount owing on such Payment Date, plus any unpaid Premium Amounts from prior Collection Periods;
(v) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Indenture Trustee Fees owing on such Payment Date, plus any unpaid Indenture Trustee Fees from prior Collection Periods, subject to the limitation set forth in Section 7.07 (a)(i) hereof;
(vi) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the reimbursable expenses due and unpaid to the Indenture Trustee in accordance with and subject to Section 7.07(a)(ii) hereof;
(vii) From (x) the Available Funds then remaining in the Collection Account plus (y) the proceeds of any applicable Insured Payment, to the Class A-1 Noteholders, the Class A-1 Note Interest for the related Collection Period, to the Class A-2 Noteholders, the Class A-2 Note Interest for the related Collection Period, to the Class A-3 Noteholders, the Class A-3 Note Interest for the related Collection Period, and to the Class A-4 Noteholders, the Class A-4 Note Interest for the related Collection Period pari passu;
(viii) From the Available Funds then remaining in the Collection Account, to the extent that such disbursement shall not result in an Available Funds Shortfall, to the Class B-1 Noteholders an amount equal to the Class B-1 Note Interest for the related Collection Period;
(ix) From the Available Funds then remaining in the Collection Account, to the extent that such disbursement shall not result in an Available Funds Shortfall, to the Class B-2 Noteholders an amount equal to the Class B-2 Note Interest for the related Collection Period;
(x) From the Available Funds then remaining in the Collection Account, to the extent that such disbursement shall not result in an Available Funds Shortfall, to the Class B-3 Noteholders an amount equal to the Class B-3 Note Interest for the related Collection Period;
(xi) From (x) the Available Funds then remaining in the Collection Account plus (y) the proceeds of any applicable Insured Payment, until the Class A Note Principal Balance has been reduced to zero, to the Class A Noteholders from the Available Funds then remaining in the Collection Account, the sum of (a) the Class A Base Principal Distribution Amount for such Payment Date and (b) any Class A Overdue Principal, such amount to be applied sequentially, with 100% of such amount being applied to reduce the Note Principal Balance of the Class A Notes then Outstanding and having the lowest numerical designation (e.g., first to the Class A-1 Notes) to zero before any principal payment is made to the next Class;
(xii) From the Available Funds then remaining in the Collection Account, to the Note Insurer by wire transfer to the account designated in writing by the Note Insurer, the Reimbursement Amount, if any, owing on such Payment Date;
(xiii) From the Available Funds then remaining in the Collection Account, until the Class B-1 Note Principal Balance has been reduced to zero, to the Class B-1 Noteholders, the sum of (a) the Class B-1 Base Principal Distribution Amount for such Payment Date and (b) any Class B-1 Overdue Principal; provided, however, that if a Restricting Event exists on such Payment Date and the Class A Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class A Noteholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B Noteholders under this clause (xiii) shall instead be paid to the Class A Noteholders pursuant to this clause (xiii) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce the Class A Note Principal Balance to zero (and shall be paid in the sequential-pay fashion described in clause (xi) above);
(xiv) From the Available Funds then remaining in the Collection Account, until the Class B-2 Note Principal Balance has been reduced to zero, to the Class B-2 Noteholders, the sum of (a) the Class B-2 Base Principal Distribution Amount for such Payment Date and (b) any Class B-2 Overdue Principal; provided, however, that if a Restricting Event exists on such Payment Date, the amount otherwise required to be paid to the Class B-2 Noteholders under this clause (xiv) shall instead be paid (x) if the Class A Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class A Noteholders made on such Payment Date) exceeds zero, to the Class A Noteholders pursuant to this clause (xiv) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce the Class A Note Principal Balance to zero (and shall be paid in the sequential-pay fashion described in clause (xi) above) and (y) if the Class A Note Principal Balance is zero, but the Class B-1 Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class B-1 Noteholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B-2 Noteholders under this clause (xiv) shall instead be paid to the Class B-1 Noteholders during such time as a Restricting Event is continuing as an additional reduction of the Class B-1 Note Principal Balance up to the amount necessary to reduce such balance to zero;
(xv) From the Available Funds then remaining in the Collection Account, until the Class B-3 Note Principal Balance has been reduced to zero, to the Class B-3 Noteholders, the sum of (i) the Class B-3 Base Principal Distribution Amount for such Payment Date and (ii) any Class B-3 Overdue Principal; provided, however, that if a Restricting Event exists on such Payment Date, the amount otherwise required to be paid to the Class B-3 Noteholders under this clause (xv) shall instead be paid (x) if the Class A Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class A Noteholders made on such Payment Date) exceeds zero, to the Class A Noteholders pursuant to this clause (xv) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce such balance to zero (and shall be paid in the sequential-pay fashion described in clause (xi) above), (y) if the Class A Note Principal Balance is zero, but the Class B-1 Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class B-1 Noteholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B-3 Noteholders under this clause (xv) shall instead be paid to the Class B-1 Noteholders during such time as a Restricting Event is continuing as an additional reduction of the Class B-1 Note Principal Balance up to the amount necessary to reduce such balance to zero; and (z) if the Class A Note Principal Balance and the Class B-1 Note Principal Balance is zero, but the Class B-2 Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class B-2 Noteholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B-3 Noteholders under this clause (xv) shall instead be paid to the Class B-2 Noteholders during such time as a Restricting Event is continuing as an additional reduction of the Class B-2 Note Principal Balance up to the amount necessary to reduce such balance to zero;
(xvi) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee, the Indenture Trustee Expenses then due together with any Indenture Trustee Expenses from prior Collection Periods, in excess of the $75,000 limitation set forth in Section 7.07(a)(ii) hereof,
(xvii) From the Available Funds then remaining in the Collection Account, to the Servicer by wire transfer of immediately available funds to the account designated in writing by the Servicer, any other amounts due the Servicer as expressly provided in the Servicing Agreement; and
(xviii) From the Available Funds then remaining in the Collection Account, to the Trust Certificate Holder, any remaining amounts; provided, however, that during the continuance of a Restricting Event, no distribution will be made to the Trust Certificate Holder. Instead, such amount will be paid to the most senior class of Notes then outstanding.
(c) All payments to Noteholders shall be made on each Payment Date to each Noteholder of record on the related Record Date by check, or, if requested by such Noteholder, by wire transfer to the account designated in writing in the form of Exhibit B hereto (or such other account as the Noteholder may designate in writing) delivered to the Indenture Trustee on or prior to the related Determination Date, in immediately available funds, in amounts equal to such Noteholder's pro rata share (based on the aggregate Class A Percentage Interest in the case of the Class A Noteholders, the Note Class B-1 Percentage Interest due on in the case of the Class A Notes;
(vi) to the Class B B-1 Noteholders, the Note Class B-2 Percentage Interest due on in the case of the Class B Notes;
(vii) to B-2 Noteholders and the Class C Noteholders, B-3 Percentage in the Note Interest due on case of the Class C Notes;
(viiiB-3 Noteholders) to the Class D Noteholders, the Note Interest due on the Class D Notes;
(ix) to the Class E Noteholders, the Note Interest due on the Class E Notes;of such payment.
Appears in 1 contract
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and Date prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from the Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, in accordance with the priorities set forth in Section 3.05(b), pay interest on each Class of Notes from the sources of funding set forth herein, in each case in an amount with respect to each Class equal to the product of (i) one-twelfth (or, with respect to the Class A-1 Notes, a fraction, the numerator of which is the number of actual days in the related Interest Accrual Period, and the denominator of which is 360), (ii) the related Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date). After the declaration of an Event of Default hereunder, the Indenture Trustee shall distribute Available Funds in accordance with Section 8.07 hereof.
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from the Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period (plus, where indicated, amounts transferred from the Reserve Account, the Class B Reserve Account or the Class C Reserve Account, as applicable, or received from the Note Insurer) to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to To the Indenture TrusteeServicer by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Excluded Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) To any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) To the Servicer by wire transfer of immediately available funds to the account designated in writing by the Servicer, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any aggregate amount of the following:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period);
(B) So long as UOG or any of its Affiliates is not then acting as Servicer, an amount equal to the Servicer Fee owing on such Payment Date, plus any unpaid Servicer Fee owing from prior Collection Periods; and
(C) Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) To the Note Insurer by wire transfer of immediately available funds to the Swap Counterpartyaccount designated in writing by the Note Insurer, an amount equal to the Issuers Swap PaymentPremium Amount owing on such Payment Date, plus any unpaid Premium Amounts from prior Collection Periods;
(v) To the Indenture Trustee by wire transfer of immediately available funds to the Class A Noteholdersaccount designated in writing by the Indenture Trustee, an amount equal to the Note Interest due Indenture Trustee Fees owing on such Payment Date, plus any unpaid Indenture Trustee Fees from prior Collection Periods, subject to the Class A Noteslimitation set forth in Section 7.07(a)(ii) hereof;
(vi) To the Indenture Trustee by wire transfer of immediately available funds to the account designated in writing by the Indenture Trustee, an amount equal to the reimbursable expenses due and unpaid to the Indenture Trustee in accordance with and subject to Section 7.07(a)(ii) hereof;
(vii) To the Class A-1 Noteholders (including the Note Insurer as subrogee), the Class A-1 Note Interest for the related Collection Period, to the Class A-2 Noteholders (including the Note Insurer as subrogee), the Class A-2 Note Interest for the related Collection Period, to the Class A-3 Noteholders (including the Note Insurer as subrogee), the Class A-3 Note Interest for the related Collection Period, and to the Class A-4 Noteholders (including the Note Insurer as subrogee), the Class A-4 Note Interest for the related Collection Period, pari passu based on the interest due on each such Class of Notes, and, if the Available Funds are insufficient to pay such amounts, the deficiency will be funded from the following sources in the following order of priority: (A) from the amounts on deposit in the Reserve Account on such Payment Date, if any, and (B) from the Insured Payment made by the Note Insurer with respect to such Payment Date, if any;
(viii) To the Class B Noteholders, the Class B Note Interest due on Interest, and, if the Available Funds are insufficient to pay such amount, the Class B NotesNoteholders will receive such deficiency from the amounts on deposit in the Class B Reserve Account on such Payment Date, if any, available therefor, with any remaining deficiency from the amounts on deposit in the Reserve Account, if any, available therefor;
(viiix) to To the Class C Noteholders, the Class C Note Interest due on Interest, and, if the Available Funds are insufficient to pay such amount, the Class C NotesNoteholders will receive such deficiency from amounts on deposit in the Class C Reserve Account on such Payment Date, if any, available therefor, with any remaining deficiency from the amounts on deposit in the Reserve Account, if any, available therefor;
(viiix) Until the Class A-1 Note Principal Balance has been reduced to zero, to the Class D NoteholdersA-1 Noteholders (including the Note Insurer as subrogee), the lesser of (a) the outstanding Class A-1 Note Interest due on Principal Balance and (b) the Base Principal Amount, and, if such Payment Date is the Class D Notes;
(ix) A-1 Maturity Date, and the remaining Available Funds are insufficient to reduce the Class E NoteholdersA-1 Note Balance to zero, the Note Interest due on deficiency will be funded from the Class E Notes;following sources in the following order of priority: (A) from the
Appears in 1 contract
Samples: Indenture (Unicapital Corp)
Disbursements From Collection Account. (a) On each Payment Date, unless a Restricting Event of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing, and prior to the declaration of an Event of Default hereunder, the Indenture Trustee shall pay from the Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related immediately preceding Collection Period, as indicated on the Monthly Statement, as applicable, to the Persons to which such money is then due, calculated on the basis of and in accordance with the Monthly Statement for the related Collection Period; provided,, however, that in the event the Servicer fails to deliver a Monthly Statement by a Payment Date the Indenture Trustee shall, nevertheless, pay interest on the Notes from the sources of funding set forth herein, in each case in an amount equal to the product of (i) one-twelfth, (ii) the Note Rate and (iii) the related Note Principal Balance, as reflected on the Monthly Statement most recently delivered by the Servicer (net of any principal payments in respect thereof on the immediately preceding Payment Date).
(Ib) On each Payment Date (unless a Restricting Event or an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, has occurred and is continuing)Date, the Indenture Trustee shall pay from Available Funds then on deposit in the Collection Sub-Account A until all such funds have been exhausted and then from Collection Sub-Account B, with respect to the related Collection Period money to the following Persons, in the following order of priority, in accordance with the Monthly Statementwithout duplication:
(i) to To the Indenture TrusteeOriginator by wire transfer of immediately available funds, the Indenture Trustee Fees then due, together with aggregate amount of any Indenture Trustee Fees from prior Excluded Amounts or Initial Unpaid Amounts inadvertently deposited in the Collection Periods, and any reasonable out-of-pocket expenses due and owing to the Indenture TrusteeAccount;
(ii) From the amount then remaining in the Collection Account, to any party entitled thereto, by check, any indemnity payments paid pursuant to any Contract, to the Back-up Servicer, extent that such amounts are inadvertently deposited in the Back-up Servicer Fee then due, together with any accrued and unpaid Back-up Servicer Fees from prior Collection Periods and any other amounts due and owing to the Back-up ServicerAccount;
(iii) From the Available Funds then remaining in the Collection Account, to the ServicerServicer by wire transfer to the account designated in writing by the Servicer of immediately available funds, the Servicer Fee then dueaggregate amount of the following, together with any accrued and unpaid Servicer Fees from prior Collection Periods and any in the following priority:
(A) An amount equal to the unreimbursed Servicer Advances (other than Servicer Advances for the related current Collection Period);
(B) An amount equal to the Servicer Fee owing on such Payment Date, plus any unpaid Servicer Fee owing from prior Collection Periods; and
(C) Any Servicing Charges inadvertently deposited in the Collection Account;
(iv) From the Available Funds then remaining in the Collection Account, to the Swap CounterpartyBack-up Servicer by wire transfer to the account designated in writing by the Back-up Servicer of immediately available funds, an amount equal to the Issuers Swap PaymentBack-up Servicer Fee owing on such Payment Date, plus any unpaid Back-up Servicer Fees from prior Collection Periods;
(v) From the Available Funds then remaining in the Collection Account, to the Note Insurer by wire transfer to the account designated in writing by the Note Insurer, an amount equal to the Premium Amount owing on such Payment Date, plus any unpaid Premium Amounts from prior Collection Periods;
(vi) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the Indenture Trustee Fees owing on such Payment Date, plus any unpaid Indenture Trustee Fees from prior Collection Periods;
(vii) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee by wire transfer to the account designated in writing by the Indenture Trustee, an amount equal to the reimbursable expenses due and unpaid to the Indenture Trustee in accordance with Section 7.07(a)(ii) hereof, up to the $30,000 limitation set forth in Section 7.07(a)(ii);
(viii) From (x) the Available Funds then remaining in the Collection Account plus (y) the proceeds of any applicable Insured Payment, to the Class A Noteholders, the Class A Note Interest due on for the related Collection Period;
(ix) As long as no Cumulative Loss Event has occurred, from the Available Funds then remaining in the Collection Account, to the extent that such disbursement shall not result in an Available Funds Shortfall or any unpaid Reimbursement Amount, from Available Funds then remaining in the Collection Account to the Class B Noteholders an amount equal to the Class B Note Priority Interest for the related Collection Period;
(x) From (x) the Available Funds then remaining in the Collection Account plus (y) the proceeds of any applicable Insured Payment, until the Class A NotesNote Principal Balance has been reduced to zero, to the Class A Noteholders from the Available Funds then remaining in the Collection Account, the sum of (a) the Class A Base Principal Distribution Amount for such Payment Date and (b) any Class A Overdue Principal;
(vixi) From the Available Funds then remaining in the Collection Account, to the Note Insurer by wire transfer to the account designated in writing by the Note Insurer, the Reimbursement Amount, if any, owing on such Payment Date;
(xii) if a Cumulative Loss Event has occurred, from the Available Funds then remaining in the Collection Account, to the class B noteholders, the Class B Note Priority Interest for the related Collection Period (to the extent the disbursement of the Class B Note Priority Interest will not result in (a) an Available Funds Shortfall or (b) any unpaid Reimbursement Amount);
(xiii) From Available Funds then remaining in the Collection Account, to the Class B Noteholders an amount equal to the Class B Note Junior Interest for the related Collection Period;
(xiv) From the Available Funds then remaining in the Collection Account, until the Class B Note Principal Balance has been reduced to zero, to the Class B Noteholders, from the Note Interest due on Available Funds then remaining in the Collection Account, the sum of (a) the Class B NotesBase Principal Distribution Amount for such Payment Date and (b) any Class B Overdue Principal, allocated, first, to the Class B Collateralized Note Balance, and, second, to the Class B Uncollateralized Note Balance; provided, however, that if a Restricting Event exists on such Payment Date and the Class A Note Principal Balance on such Payment Date (after giving effect to all prior payments of principal to the Class A Noteholders made on such Payment Date) exceeds zero, the amount otherwise required to be paid to the Class B Noteholders under this clause (xiv), shall instead be paid to the Class A Noteholders pursuant to this clause (xiv) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce the Class A Note Principal Balance to zero;
(viixv) From the Available Funds then remaining in the Collection Account, to the Indenture Trustee, the Indenture Trustee Expenses then due, together with any Indenture Trustee Expenses from prior Collection Periods, in excess of the $30,000 limitation set forth in Section 7.07(a)(ii) hereof, and up to the aggregate $45,000 limitation set forth in Section 7.07(a)(iii);
(xvi) From the Available Funds then remaining in the Collection Account, to the Servicer by wire transfer of immediately available funds to the account designated in writing by the Servicer, any other amounts due the Servicer as expressly provided in the Servicing Agreement; and
(xvii) From the Available Funds then remaining in the Collection Account, to the Residual Holders, as sponsors of the Trust, any remaining Available Funds; provided, however, that
(I) if a Restricting Event does not exist on such Payment Date, but if any payment of funds to the Residual Holders on such Payment Date would result in the Residual Balance being less than 3% of the Initial Aggregate Collateral Balance such entire remaining amount of Available Funds then remaining, regardless of any allocation to principal or interest in respect of the Residual Balance, shall not be paid to the Residual Holders but shall instead be paid (x) if the Class A Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class C NoteholdersA Noteholders made on such Payment Date pursuant to clauses (x) and (xiv)) exceeds zero, the Note Interest due on the Class C Notes;
(viii) to the Class D Noteholders, the Note Interest due on A Noteholders pursuant to this clause (xvii) as an additional reduction of the Class D Notes;
A Note Principal Balance up to the amount necessary to reduce such balance to zero; and (ixy) if the Class A Note Principal Balance is zero, but the Class B Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class E NoteholdersB Noteholders made on such Payment Date pursuant to clause (xiv)) exceeds zero, the amount otherwise required to be paid to the Residual Holders under this clause (xvii) shall instead be paid to the Class B Noteholders pursuant to this clause (xvii) as an additional reduction of the Class B Note Interest due Principal Balance up to the amount necessary to reduce such balance to zero; and
(II) if a Restricting Event exists on such Payment Date, the amount otherwise required to be paid to the Residual Holders under this clause (xvii) shall instead be paid (x) if the Class A Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class A Noteholders made on such Payment Date pursuant to clauses (x) and (xiv)) exceeds zero, to the Class A Noteholders pursuant to this clause (xvi) during such time as a Restricting Event is continuing as an additional reduction of the Class A Note Principal Balance up to the amount necessary to reduce such balance to zero; (y) if the Class A Note Principal Balance is zero, but the Class B Note Principal Balance on such Payment Date (after giving effect to all payments of principal to the Class B Noteholders made on such Payment Date pursuant to clause (xiv)) exceeds zero, the amount otherwise required to be paid to the Residual Holders under this clause (xvii) shall instead be paid to the Class B Noteholders pursuant to this clause (xvii) during such time as a Restricting Event is continuing as an additional reduction of the Class B Note Principal Balance up to the amount necessary to reduce such balance to zero; and (z) if the Class A Note Principal Balance and the Class B Note Principal Balance are each zero, such amount shall be paid to the Residual Holders pursuant to this clause (xvii).
(c) All payments to Noteholders shall be made on each Payment Date to each Noteholder of record on the related Record Date by check, or, if requested by a Noteholder holding $5,000,000 or more of any Class E of Notes;, by wire transfer to the account designated in writing in the form of Exhibit B hereto (or such other account as such Noteholder may designate in writing) delivered to the Indenture Trustee on or prior to the related Determination Date, in immediately available funds, in amounts equal to such Noteholder's pro rata share (based on the aggregate Class A Percentage Interest in the case of the Class A Noteholders and the aggregate Class B Percentage Interest in the case of the Class B Noteholders) of such payment.
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Samples: Indenture (Prudential Securities Secured Financing Corp)
